Global Service Robotics Market will reach USD 6.5 Billion by 2022: AtoZResearch

The report covers forecast and analysis for the service robotics market on a global and regional level. According to the report, global demand for service robotics market was valued at USD 6.5 billion in 2014 and is expected to generate revenue of USD 17.2 billion by end of 2020, growing at a CAGR of slightly above 17.8% between 2015 and 2020.The study includes drivers and restraints for the service robotics market along with the impact they have on the demand over the forecast period.Additionally, the report includes the study of opportunities available in the service robotics market on a global level.

Strong demand for service robots in defense sector are expected to be the major drivers for the global service robotics market. Growing rapid industrialization, constant technological advancements to develop autonomous and safe robots are predicted to fuel market growth. Further, increase in the demand from urban households for domestic cleaning, home security and surveillance are expected to support the service robotics market growth in the near future. However, high price associated with development may curb the demand for service robotics within the forecast period. Nonetheless, the rising application areas globally are expected open new avenues for the market growth over the next few years. Moreover, ongoing research & development in the field of service robotics is expected to offer potential opportunity for the market growth in the near future.

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In order to give the users of this report a comprehensive view on the service robotics market. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the service robotics market has also been included. The study encompasses a market attractiveness analysis, wherein product segments and application segments are benchmarked based on their market size, growth rate and general attractiveness.

The service robotics market is segmented on the basis of different products including professional service robots & personal service robots. In 2014, a professional robot was the largest segment in service robotics market. This segment is expected to continue its dominance in global market throughout the forecast period and accounted for over 64.1% share of the total market. A personal service robot was another key outlet for service robotics market in 2014.

A range of application segments of service robotics market includes health care, defense, agriculture, entertainment, logistics, aerospace, infrastructure, research and development and others. Defense sector was leading segment in service robotics market and it accounted for over 16% market share of total market in 2014. Health care sector was second largest segment of service robotics and accounted for over 13% market share of total market in 2014. Pharmaceutical is expected to witness grow at sluggish rate in the near future.

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The study provides a decisive view on the service robotics market by segmenting the market based on products, applications and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2014 to 2020. Based on products the market is segmented into professional service robots & personal service robots. Key application market covered under this study includes health care, defense, agriculture, entertainment, logistics, aerospace, infrastructure, research and development and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and Middle East and Africa with its further bifurcation into major countries including U.S. Germany, France, UK, China, Japan, India and Brazil. This segmentation includes demand for service robotics based on individual applications in all the regions and countries.

The report also includes detailed profiles of end players such as AB Electrolux, Touch bionics Ltd, iRobot Corporation, Samsung Techwin Co. Ltd., Robert Bosch GmbH, Mako Surgical Corporation, Intuitive surgical Inc., Honda Motors Co. Ltd., Panasonic Corporation and Dyson Ltd.

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